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when $BTC crash that time liquidation $1.7 billion

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🇺🇸 ETF FLOWS: Around 3,228 $BTC and 18,290 $ETH were sold on Sept. 22. BTC ETFs saw $363.17M in net outflows. ETH ETFs saw $75.95M in net outflows.

Introduction The cryptocurrency market endured a sharp downturn in the past 24 hours, with liquidations surging to nearly $1.796 billion across exchanges. This wave of forced selling, primarily concentrated in leveraged long positions, has sent both Bitcoin (BTC) and Ethereum (ETH) lower while shaking investor confidence across the broader digital asset space. The sell-off highlights the fragility of risk markets at a time of heightened macroeconomic uncertainty. The Scale of the Liquidations Fresh data shows that out of the $1.796 billion liquidated, $1.65 billion came from long positions, with only $145 million in short positions affected. Ethereum accounted for the largest share, with approximately $483 million in ETH longs wiped out within hours, while Bitcoin saw $200–300 million liquidated. This concentrated exposure among leveraged bulls underscores how quickly sentiment can reverse when critical support levels are tested. The downturn also triggered cascading margin calls, further accelerating declines. With ETH hovering near the $4,000 support zone, market participants are watching closely for signs of either stabilization or another wave of selling. Macroeconomic Backdrop: Why Sentiment Shifted While leverage magnified the scale of the move, underlying macroeconomic conditions provided the spark. Monetary Policy Uncertainty Recent U.S. Federal Reserve commentary has tempered expectations of aggressive rate cuts in 2025. Risk assets, including crypto, thrive when liquidity conditions ease; disappointment on this front has dampened speculative appetite. Rising or stable bond yields further reduce the relative appeal of volatile assets such as Bitcoin and Ethereum. Weak Global Liquidity Environment Thin trading conditions have amplified the market reaction. With liquidity pockets shrinking, even moderate sell orders quickly escalate into outsized price swings, leaving leveraged traders highly vulnerable. Technical Pressure Points Crypto markets remain highly technical in nature, and once key support levels come under pressure, a chain reaction of stop-loss triggers and forced liquidations is set in motion. Ethereum’s rejection at resistance and subsequent slide toward $4,000 accelerated liquidations across major exchanges. The Cascade Effect of Leverage Excessive leverage continues to be a defining characteristic of crypto market structure. Traders often amplify positions in hopes of outsized returns, but this exposes them to rapid liquidation when volatility rises. Once initial positions were liquidated, algorithmic systems and cascading liquidations compounded the selling pressure, leading to the dramatic $1.7 billion wipeout. Such episodes reveal how leverage transforms ordinary corrections into systemic shocks. While short positions also faced some losses, the overwhelming dominance of long liquidations illustrates the market’s overextension to the upside. Outlook: Can Support Hold? The immediate question is whether Ethereum can maintain its foothold above the $4,000–$4,200 region and whether Bitcoin stabilizes near its own critical levels. A breach below these thresholds could unleash another wave of liquidations, while a successful defense may allow markets to consolidate. Macro factors will remain decisive. If bond yields retreat or the Fed signals a more accommodative stance, risk sentiment could recover. Conversely, persistence of tight financial conditions may keep the crypto market under pressure. Conclusion The latest sell-off, resulting in nearly $1.8 billion in liquidations, illustrates the dual fragility of crypto markets: dependence on speculative leverage and sensitivity to macroeconomic narratives. While digital assets continue to attract long-term interest, episodes like this reinforce a familiar lesson — unchecked leverage and fragile liquidity can turn modest corrections into sudden crashes. Investors and traders alike will be watching closely in the days ahead, as Ethereum tests its $4,000 floor and Bitcoin attempts to hold its ground. Whether this proves to be a short-term shakeout or the beginning of a deeper correction will depend on both technical resilience and the broader macroeconomic climate. $BTC $ETH